Highlands Bankshares, Inc. Announces Earnings Results for the Second Quarter and Six Months of 2017
August 07, 2017
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Highlands Bankshares, Inc. announced earnings results for the second quarter and six months of 2017. For the quarter, the company posted earnings of $1,600,000 or $1.20 per share of common stock outstanding (EPS), compared to $1,893,000 or $1.42 EPS for the same period of 2016.
Net interest income, on a fully taxable equivalent basis, increased $162,000 for the first six months of 2017, as compared to the same period in 2016. The increase in net interest income was driven by the increase in loan volume and drop in volume and rate of interest bearing liabilities. Return on average assets (ROAA) decreased in 2017 to 0.79%, as compared to 0.95% in the same period of 2016. The return on average equity (ROAE) decreased to 6.15% at June 30, 2017, as compared to 7.67% at December 31, 2016.
Highlands Bankshares, Inc. is a bank holding company, which operates through its two wholly owned subsidiary banks, The Grant County Bank and Capon Valley Bank. The Company also offers insurance services through its wholly owned subsidiary, HBI Life Insurance Company. The Grant County Bank operates six branch offices located in the towns of Moorefield, Keyser, Riverton, Harman, Davis and Canaan Valley, West Virginia. Capon Valley Bank operates four offices in Baker and Moorefield, West Virginia, and in Gore and Stephens City, Virginia. The Company owns and operates a total of 12 banking locations throughout seven counties in two states. Both banks offer a range of banking products and services, including online banking and merchant processing services.